Consumer Credit Act, 1995

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Contents of hire-purchase agreements.

58.—(1) A hire-purchase agreement and any contract of guarantee relating thereto shall be made in writing and signed by the hirer and by or on behalf of all other parties to the agreement, and—

(a) a copy of the agreement shall be—

(i) handed personally to the hirer upon the making of the agreement, or

(ii) delivered or sent to the hirer by the owner within 10 days of the making of the agreement, and

(b) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be—

(i) handed personally to the guarantor upon the making of the contract, or

(ii) sent within 10 days of the making of any contract by the seller to the guarantor.

(2) A hire-purchase agreement shall contain a statement of—

(a) the hire-purchase price,

(b) the cash price of the goods to which the agreement relates,

(c) the amount of each of the instalments by which the hire-purchase price is to be paid,

(d) the date, or the method of determining the date, upon which each instalment is payable,

(e) the number of instalments,

(f) the names and addresses of all parties to the agreement at the time of its making, and

(g) any costs or penalties to which the hirer will become liable for any failure by the hirer to comply with the terms of the agreement.

(3) A hire-purchase agreement shall contain a list of the goods to which the agreement relates sufficient to identify them.

(4) A hire-purchase agreement shall contain a notice which is at least as prominent as the rest of the contents of the agreement, in the terms specified in the Fifth Schedule .

(5) A hire-purchase agreement shall contain in respect of the cooling-off period a statement that the hirer—

(a) has a right to withdraw from the agreement without penalty if the hirer gives written notice to this effect to the seller within a period of 10 days of the date of receipt by the hirer of a copy of the agreement, or

(b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the hirer's signature in relation to any of the terms of the agreement.

(6) A hire-purchase agreement shall contain a statement to the effect that a hirer is obliged to give the owner information under section 69 as to the whereabouts of the goods to which the agreement relates.

(7) A hire-purchase agreement shall contain in a prominent position the words “Hire-purchase agreement”.